Sacca wasn’t the reason Costolo stepped down, but he was certainly part of the public narrative that lead to it. And it was behavior I’ve never seen from an early stage investor before…

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Twitter may not yet be a broken company, but it sure is a hapless one. For most of its history, Twitter has been decried by its most ardent users as The Company That Is Not Facebook and thus something of a failure, despite its 83-percent revenue growth over the past 12 months.

While Twitter has seen modest success in its effort to monetize its 316 million active users, it has been having trouble bringing in new ones. Three months ago, for example, Twitter had 308 million users, and so despite initiatives like Instant Timeline — aimed at offering new users a newsfeed in 30 seconds, based on a few stated interests — the hundreds of millions of people on Facebook but not on Twitter still aren’t coming around.

This is nothing new. Last quarter, Twitter made clear that its efforts to expand its membership and to bring more ad revenue from their feeds was going to be a long-term project. So when Twitter announced its earningsTuesday afternoon, nobody seemed surprised it added only 8 million net new users. Instead, they focused on revenue that grew faster than expected and non-GAAP earnings that beat estimates by three cents a share.

Those figures suggested that Twitter was succeeding at monetizing its current, albeit slow-growing, user base in the short term, even as it plodded away on the long-term strategy it has been outlining for much of the past year. Twitter’s stock shot up 11 percent for a few, glorious minutes after financial report in the wires.

That good fortune didn’t last very long. An hour later, Twitter’s new CEO began talking…